There are several things that couples who are living together can do if they want to protect their financial future. Making sure that your finances are protected can help you to feel more secure in the relationship since you know that if something happens, you are covered.
One of the important things for you to remember is that you don’t have the same protections as married couples when it comes to your assets. Things you purchased together might not go to you if something happens to your significant other. For this reason, you should make sure that everything you purchase is set up in a way that will provide the person who is left behind a way to ensure the property goes to them.
Another thing to do is to plan for a breakup. This might seem like it is dooming your relationship before it even starts, but it can actually make your relationship stronger since all of the details are already worked out.
You should also plan for what you are going to do financially while you are living together. Make a plan for who is going to pay what bills and who will cover what expenses. This can help you ensure that you aren’t left covering all of the bills every month.
It is a good idea to handle all of these aspects of living together as an unmarried couple before you move in together; however, you can still make these agreements once you have moved in. Make sure that everything is handled properly so that you can be sure you are protected.
Source: Fidelity, “Four financial tips for unmarried couples,” accessed July 06, 2017
